Group 1: Stock Recommendations - The report recommends 10 stocks and 3 ETFs based on a top-down approach for August allocation [1] - Lu'an Huanneng is highlighted for its high spot coal ratio, significant earnings elasticity, and low PB valuation [1][8] - Huayou Cobalt benefits from integrated layout advantages, stable incremental profit from wet nickel production, and a significant decrease in cobalt imports in June [1][8] - Geely Automobile's privatization of Zeekr will enhance resource integration and decision-making efficiency, with an adjusted annual sales target of 3 million vehicles [2][8] - Cambrian is positioned to benefit from the increasing demand for AI chips and has plans for hardware and software platform development [2][8] - SMIC is advancing in domestic computing capabilities with improved yield rates and is expected to benefit from the semiconductor cycle [2][8] - North Navigation is a leader in the long-range fire industry, experiencing rapid demand recovery and implementing stock incentives [3][8] - Shengquan Group is a leading supplier in high-frequency resin, expected to see rapid growth due to PCB industry demand [3][8] - CITIC Securities is well-positioned in the financial sector with a solid market position and ample IPO reserves [3][8] - Jiao You International focuses on cross-border mineral logistics, particularly in Africa, ensuring efficient and secure transportation [3][8] - China Jinmao has made significant impairment provisions and is on track to meet its sales target [4][8] Group 2: ETF Recommendations - Recommended ETFs include Military Industry ETF, TMT ETF, and Chemical ETF, reflecting sectoral strengths [4][10] - The Military Industry ETF has a total net value of 171.45 billion yuan with a year-to-date growth rate of 14.33% [10] - The TMT ETF shows a year-to-date growth rate of 12.27% and a total net value of 5.02 billion yuan [10] - The Chemical ETF has a total net value of 33.81 billion yuan with a growth rate of 9.22% [10] Group 3: Financial Data Highlights - Lu'an Huanneng's EPS is projected to be 0.65 yuan in 2025, with a PE ratio of 23 [9] - Huayou Cobalt's EPS is expected to rise to 3.11 yuan in 2025, with a PE ratio of 15 [9] - Geely Automobile's EPS is forecasted at 1.61 yuan in 2025, maintaining a PE ratio of 11 [9] - Cambrian is projected to have an EPS of 3.04 yuan in 2025, with a high PE ratio of 234 [9] - SMIC's EPS is expected to reach 0.64 yuan in 2025, with a PE ratio of 144 [9] - North Navigation's EPS is projected at 0.17 yuan in 2025, with a PE ratio of 104 [9] - Shengquan Group's EPS is expected to be 1.53 yuan in 2025, with a PE ratio of 21 [9] - CITIC Securities is projected to have an EPS of 1.56 yuan in 2025, with a PE ratio of 19 [9] - Jiao You International's EPS is expected to be 1.49 yuan in 2025, with a PE ratio of 8 [9] - China Jinmao's EPS is projected at 0.12 yuan in 2025, with a PE ratio of 11 [9]

港股半导体板块持续走低，华虹半导体(01347.HK)跌超6%，中芯国际(00981.HK)跌超5%，上海复旦 (01385.HK)、晶门半导体(02878.HK)、宏光半导体(06908.HK)等跟跌。 ...

Group 1 - The semiconductor sector in Hong Kong is experiencing a continuous decline [1] - Hua Hong Semiconductor has dropped over 5% [1] - SMIC (Semiconductor Manufacturing International Corporation) has decreased nearly 4% [1] - Other companies such as Jingmen Semiconductor and Shanghai Fudan are also following the downward trend [1]

7月30日早盘，港股三大指数集体下跌，现跌幅有所收窄。盘面上，科网股及新能源车股多数下跌。A 股同赛道规模最大的恒生科技指数ETF（513180）跌幅收窄至0.5%附近，持仓股中，理想汽车、华虹半 导体、小鹏汽车、中芯国际、比亚迪股份等领跌，其中，理想汽车一度跌超10%，小鹏汽车一度跌超 4%。 截至7月29日，恒生科技指数ETF（513180）标的指数的最新估值（PETTM）为22.16倍，处于指数2020 年7月27日发布以来约23.5%的估值分位点，即当前估值低于指数发布以来76%以上的时间。恒生科技当 前仍处于历史相对低估区间，而高弹性、高成长等特性使其具备更大的向上动能。没有港股通账户的投 资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。（场外联接A/C： 013402/013403） （文章来源：每日经济新闻） 消息面上，7月29日晚，理想首款纯电SUV——理想i8正式发布。理想i8共推出3款配置车型，官方指导 价32.18万至36.98万元，低于此前公布的35万元至40万元预售价格。据悉，理想i8将在今年8月20日开启 交付。 大摩观点认为，理想汽车i8的起售价略超预期， ...

资金流入方面，拉长时间看，科创芯片ETF近21个交易日内有15日资金净流入，合计"吸金"31.78亿元。 截至2025年7月30日 10:51，上证科创板芯片指数上涨0.15%，成分股东芯股份上涨11.07%，思瑞浦上涨4.27%，乐鑫科技上涨4.00%，华峰测控上涨2.56%， 盛美上海上涨1.62%。科创芯片ETF(588200)红盘蓄势。拉长时间看，截至2025年7月29日，科创芯片ETF近1周累计上涨7.23%。 流动性方面，科创芯片ETF盘中换手3.52%，成交11.57亿元。拉长时间看，截至7月29日，科创芯片ETF近1周日均成交26.01亿元，居可比基金第一。 规模方面，科创芯片ETF最新规模达330.00亿元，创近1年新高，位居可比基金第一。份额方面，科创芯片ETF近1周份额增长3000.00万份，新增份额位居可 比基金第一。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 688981 | 中芯国际 | -0.87% | 10.22% | | 688041 | 海米信息 | -0.10% | 10.15% | | 688256 | ...

机构：申万宏源研究 研究员：杨海晏/袁航 主体的成熟节点（≥28nm）以客户需求为中心进行差异化开发，HV、射频/模拟、嵌入式存储等特殊工 艺领域存在广阔创新空间。 向更先进节点演进，带动收入结构和毛利率水平不断提升。公司12 寸晶圆制造是收入主力，25Q1 收入 占比达到约78.1%，8 寸晶圆占比21.9%。向12 寸高价值产品特别是先进制程的倾斜，带动公司平均晶 圆售价和毛利提升。25Q1 公司毛利率为22.5%，已连续三个季度回暖至20%以上，显示产品结构改善和 产能利用提升的正面效果。 高端替代的核心受益者。本土IC 设计公司在高端领域崛起后，尤其是在先进节点上倾向与本土晶圆厂 合作。目前海外晶圆代工厂由于部分BIS 出口管制原因无法承接中国本土企业的先进芯片订单，中芯国 际借此机会有望成为本地化的核心受益者。一方面这部分高端芯片订单提高了公司未来业绩增长确定 性，另一方面也赋予其一定战略溢价。在自主可控的大方向下，公司有望承接回流订单，从而实现超越 半导体周期成长。 本地化制造成为成熟制程增量。顺应国际形势变化，中国凭借庞大市场驱动China for China供应链成 形，汽车产业尤为明显，促使 ...

Group 1 - Chip stocks collectively declined, with Huahong Semiconductor down 4.96% to HKD 40.25, SMIC down 4.12% to HKD 51.15, ASMPT down 2.74% to HKD 67.45, and Shanghai Fudan down 1.95% to HKD 32.75 [1] - Nvidia has officially placed a new order for 300,000 H20 chips with TSMC, supplementing the existing inventory of 600,000 to 700,000 H20 chips [1] - Morgan Stanley indicated that the release of H20 is beneficial for AI data center hosting companies but negatively impacts local leading semiconductor supply chain companies like SMIC [1] Group 2 - TSMC achieved a net profit of nearly NT$398.3 billion in Q2 2025, a year-on-year increase of nearly 61%, marking a record high for quarterly net profit and the highest growth rate in nearly three years [1] - The global semiconductor growth trend remains optimistic, with leading foundries potentially initiating price increases and a positive outlook for Q2 performance [1] - Given the sustained high level of global computing power investment, the performance of industry chain companies is likely to continue to reflect this trend [1]

Wind统计显示，7月29日，科创板两融余额合计1717.33亿元，较上一交易日增加26.75亿元。其中，融 资余额合计1710.85亿元，较上一交易日增加26.53亿元；融券余额合计6.48亿元，较上一交易日增加0.22 亿元。 从个股来看，7月29日有318只科创板个股获融资净买入，净买入金额在5000万元以上的有12股。其中， 寒武纪获融资净买入额居首，净买入7.8亿元；融资净买入金额居前的还有芯碁微装、拓荆科技、中芯 国际、仕佳光子、海光信息、成都先导等股，净买入额分别为1.33亿元、1.24亿元、1.02亿元、9256.4万 元、9105.94万元、8306.61万元。 ...

Industry Overview - The smart camera industry is experiencing explosive growth driven by the integration of optical imaging technology, artificial intelligence, IoT, and edge computing, transforming traditional cameras into intelligent devices capable of environmental perception and autonomous decision-making [1][17] - As of 2024, the market size of China's smart camera industry is projected to be approximately 112.52 billion yuan, with an expected increase to 128.72 billion yuan by 2025 [1][17] - The industry is characterized by rapid technological iteration and diverse application scenarios, with products evolving towards higher definition and intelligence [1][17] Policy Support - The Chinese government has implemented various policies to support the smart camera industry, including the promotion of smart manufacturing and the encouragement of consumer spending on smart home products [6][7] - Key policies include the "Implementation Opinions on Promoting Future Industry Innovation Development" and the "Notice on Expanding the Implementation of Large-Scale Equipment Updates and Consumer Goods Replacement Policies" [6][7] Market Dynamics - The global smart camera market is expected to see a shipment volume of 137 million units in 2024, reflecting a year-on-year growth of 7.7% [14] - In the first quarter of 2025, China's consumer-grade smart camera market shipped 12.08 million units, marking a 6.2% increase year-on-year [15] Competitive Landscape - Chinese brands dominate the global smart camera market, with four out of the top five brands being Chinese, including Hikvision, Xiaomi, Dahua, and TP-Link [19][21] - Hikvision led the global market with a shipment of 4.203 million units in the first quarter of 2025, achieving a year-on-year growth of 7.9% [19] Industry Trends - The industry is moving towards multi-modal integration, enhancing environmental perception through the combination of various sensory data [27] - Smart cameras are evolving from basic observation to advanced understanding capabilities, driven by deep learning technologies [28] - There is a trend towards customized solutions for specific vertical applications, such as industrial and medical uses, which enhances product value and creates technical barriers [29]

Wind数据显示，截至7月29日，南向资金今年以来累计净流入8420.02亿港元，创年度净流入金额历史新 高，为2024年同期的2倍多。其中，4月9日单日净流入355.86亿港元，创单日净流入纪录。在今年以来 南向资金交易的135个交易日中，出现净流入的交易日有114个，占比超八成。 今年以来，南向资金在港股交易占比持续提升。7月29日，南向资金成交额为1554.92亿港元，为当日港 股市场成交额的近六成。 从南向资金持仓情况来看，Wind数据显示，截至7月28日，南向资金持股数量达5256.06亿股，较2025年 初增加598.21亿股；持仓市值超过5.6万亿港元，较2025年初增加2.03万亿港元。根据今年以来截至7月 28日南向资金的净流入金额计算，今年以来南向资金浮盈达1.2万亿港元。 行业方面，南向资金对金融、信息技术、可选消费行业持仓市值居前，分别达14517.43亿港元、 11115.84亿港元、7175.67亿港元。此外，南向资金对医疗保健行业持仓市值超5300亿港元，对通讯服务 行业持仓市值超4900亿港元。 个股方面，南向资金持仓腾讯控股超过5400亿港元，持仓建设银行、中国移动、小米集团 ...